Refinancing a Reverse Mortgage
Is it possible to refinance a reverse mortgage if a better opportunity becomes available or if a person’s financial situation changes?
Refinancing a reverse mortgage is possible but is important to weigh the benefits against the costs of originating another loan. A general rule of thumb is that the amount of money you will receive should be five times the amount of the cost to refinance the mortgage. Refinancing a reverse mortgage typically is only worth considering when a home has significantly increased in value, the FHA loan limit for the area has been raised.
Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.
Other Popular Reverse Mortgage Questions:
What are some basic qualification parameters?
How much cash can I get and how do I get paid?
What happens to my debt and what is the maximum I can owe?
Will there be anything left for the borrower or their heirs once the property is sold or the borrower no longer uses the home as their primary residence?
What are some of the costs associated with reverse mortgages?
Will receiving payments affect one’s Social Security, Medicaid, or Medicare benefits?
Who owns the property, the lender or the borrower?
Is it possible to refinance a reverse mortgage if a better opportunity becomes available?